Philip Stephens holds a very moderate and sensible view of Eurozone's unaddressed woes seen in light of the political process. There's hard evidence all over, gained from traction following 4/5 years of dealing with a financial/economic/social/cultural European crisis that has effectively derailed the EU. Words may be easy to flow to describe what has happened, why, who, where and how best to resolve but at the end of every single day since the outset of a predictably messy affair there remained stubborn unwillingness to do what it takes.
That said, there have been some real developments few and far between. The latest and single most important one being the ECB's QE program which has already folded elsewhere. QE produced clear outcomes particularly in the US and the UK but will it work in a 19-member monetary bloc with such a diverse set of economies and societies?
Indeed, every structural option available is known to the few who can choose from them except that they won't use them for whatever reason.
Beyond the events of the day from Berlin to Athens, the future of the EU and the Eurozone as its boldest experiment is still uncertain.
A political and economic bloc that is unresponsive to large sections of citizens in many countries for opposing arguments is surely threatened from within.
National governments should always get their act together.
Obviously both should go first!
The supranational EU institutions in the making too with stronger countries adopting much broader latitude in their approach to ongoing problems.
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